Latest from GIFC

Sunday, 9 March 2008

Al Meezan to launch Pakistan’s 1st Shariah compliant MCPF-1

KARACHI: Al Meezan Investments, Pakistan’s largest Shariah compliant asset management company and Meezan Bank Limited, Pakistan’s largest Islamic Bank, are jointly launching Pakistan’s first Shariah-compliant Capital Protected Fund - Meezan Capital Protected Fund-1 (MCPF-1). The trust deed of the fund was signed between Al Meezan Investment Management Ltd. (Asset Manager) and Central Depository Company Ltd. (Trustee).MCPF-1 is an open-end mutual fund with three-year maturity period. It will provide high-level of protection for the principal amount of investment. Al Meezan Investments will place a large portion of the initial investment with Meezan Bank Limited through Murabaha structure for three years. The remaining amount will be invested in shariah compliant equities to earn high rate of return. “This fund has been designed in a manner that investors will get maximum return while their initial investment is protected. Meezan Bank is responsible for protecting the capital portion of the fund. At the time of maturity investors will get initial investments along with healthy profit earned in the stock market”, said Mohammad Shoaib, CEO of Al Meezan Investments.Al Meezan Investments is the only asset management company in Pakistan that specialises in Shariah compliant investment products for the investors. The total assets under management stand at Rs 18 billion. MCPF-1 is aimed at meeting the requirements of a large number of investors, both institutional and retail, who desire a Shariah-compliant investment avenue but do not want to take the risk of losing their initial investment. Subscription of MCPF-1 units would remain open for 3 to 4 weeks only, during which units would be available at Al Meezan Investments offices and all branches of Meezan Bank Limited across Pakistan. For the convenience of investors, Al Meezan Investments has placed dedicated Investment officers at the selected branches of Meezan Bank Limited.All the investments of the fund are made as per the guidelines laid down by Shariah Advisory Board of Meezan Bank Ltd headed by eminent Shariah scholar Justice (Retd) Mufti Muhammad Taqi Usmani. --staff report (Daily Times)